Get Your Retirement Plans On Track After A Divorce

By
Roscich & Martell Law Firm, LLC
|October 29, 2013

Even if you
planned for your divorce and estimated the potential impact, it's likely that your finances
will be affected more than you imagined. Financial life post-divorce is
about more than separating your finances from your former spouse- it's
a good opportunity to reflect about where you are in life and to gain
control of your financial situation, especially with regard to
retirement.

There's a reason that divorce and retirement plans are linked: a
study from Bowling Green State University pointed out that “gray divorce”,
or divorce for those nearing retirement, is increasing. Getting back on
track quickly for individuals approaching retirement is important, and
it can be challenging if you relied on your partner for financial management
and advice. Don't waste time dwelling on the past- instead use this
as an opportunity to check in on your financial goals and retirement plans
while adjusting to your new life.

Start out by taking an inventory of all “forgotten” financial
links between you and your former partner. While marital property was
likely sorted out during the divorce, don't forget about any plans
where you were covered as a couple, like life insurance or long-term care.
Update that information accordingly after meeting with a financial professional.

Retirement planning is something you should check in on often, but this
is a good opportunity to think about where you're headed and where
you'd like to be. Your plans for retirement may have shifted dramatically
after your divorce was finalized, so start considering whether what you
have put aside is going to work for your new plans. Redefine what you
want, and adjust short-term goals and spending to be in line with those
new plans. For some individuals, they may have not even considered what
they would like to do with retirement on their own, so use this reflection
time to narrow down some possible plans. If you're considering divorce
and would like to talk through the options with a qualified
Illinois divorce attorney, reach out today.

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Nothing on this site should be taken as legal advice for any individual
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